UPDATE 1-Kelso to buy Insurance Auto for $385 mln

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NEW YORK, Feb 23 (Reuters) - Insurance Auto Auctions Inc. said on Wednesday it has agreed to be bought by private equity firm Kelso & Company for $385 million, in a move that will end its years as a public company.
Insurance Auto shareholders will receive $28.25 in cash per share from Kelso, a buyout firm based in New York. Insurance Auto shares closed at $22.41 on Tuesday in Nasdaq trading.
The company's largest stockholder, ValueAct Capital, has agreed to vote its ...

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